Economy Current Affairs

Union Government approves NIMZ in in Kalinganagar, Odisha

The Union Government has given its final approval to setting up of National Investment & Manufacturing Zone (NIMZ) in Kalinganagar, Odisha.

It will come up on a massive area of 163 square kilometres and on completion will be the third NIMZ of India.

For execution NIMZ project, Union Ministry of Commerce and Industry has approved fund of Rs. 4241 crore. Of this total amount, estimated Rs. 3816 crore will be invested for the first phase of the project which will be completed by 2020.

NIMZ in Kalinganagar will create employment opportunities for around 1.5 lakh people. It will help Odisha grow as a manufacturing hub and also help Paradip port’s growth.

About National Investment & Manufacturing Zone (NIMZ)

Under National Manufacturing Policy (NMP), Union Government in 2014 had announced to set up 16 NIMZs to boost manufacturing sector.

Till 2013-14, 16 NIMZs were set up, 8 of them are along the Delhi Mumbai Industrial Corridor (DMIC). NMP aims to enhance the share of manufacturing sector in GDP to 25% and create 100 million employment opportunities over a decade.

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Union Cabinet approves National Capital Goods Policy 2016

The Union Cabinet has given its approval for National Capital Goods Policy 2016 to give an impetus to the capital goods sector and the Make in India initiative.

This is first ever policy for Capital Goods sector framed by the Union Government (Ministry of Heavy Industry & Public Enterprise).

Key features of Policy

  • Objectives: (i) Increase production of capital goods from 2,30,000 crore rupees in 2014-15 to 7,50,000 crore rupees in 2025. (ii) Raise direct and indirect employment from the current 8.4 million to 30 million. (iii) Increase exports from the current 27% to 40% of production. (iv) Increase the share of domestic production in India’s demand from 60% to 80% to make India a net exporter of capital goods.
  • Aim of Policy: (i) Facilitate improvement in technology depth across sub-sectors, (ii) Ensure mandatory standards, (iii) Increase skill availability and promote growth and (iv) Capacity building of MSMEs.
  • Help in realising the vision of ‘Building India as the World class hub for Capital Goods’ and also play a pivotal role in overall manufacturing as the pillar of strength to the vision of ‘Make in India’.
  • The Department of Heavy Industry (DHI) will meet the objectives of the policy in a time bound manner through obtaining approval for schemes as per the roadmap of policy interventions.

Background

The idea of a National Capital Goods Policy was first presented by the DHI to the Prime Minister in the ‘Make in India’ workshop held in December, 2014. It has been framed and finalized after extensive stakeholder consultations with industry, academia, different ministries etc.

It has been framed to create game changing strategies for the capital goods sector by addressing some of the key issues. It includes availability of finance, innovation and technology, raw material, productivity, quality and environment friendly manufacturing practices, creating domestic demand and promoting exports.

For more details: National Capital Goods Policy 2016

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NALCO signs MoU with Iran to set up smelter plant in Chabahar

The National Aluminium Company Limited (NALCO) has signed a MoU with Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

The signing of the MoU coincided with the official two days state visit of Prime Minister Narendra Modi to Iran.

Key facts

  • The MoU was signed to explore the possibility of setting up smelter- cum-gas based power plant on joint venture in Iran for the proposed smelter plant in Chabahar Free Trade Zone.
  • For the proposed smelter plant NALCO will supply alumina from its refinery in India.
  • The MoU envisages tolling arrangement with existing smelters in Iran for producing aluminium and also proposes to look into other businesses.
  • It also envisages setting up of a joint taskforce comprising NALCO and IMIDRO experts to work out the details of the project.

NALCO is public sector enterprise of the Union Ministry of Mines incorporated 1981. It is Asia’s largest, and the sixth largest, integrated aluminium complex in the world. Its business encompasses alumina refining, bauxite mining, aluminium smelting and casting, power generation, rail and port operations.

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